Switchback II Corporation (SWBK) experienced an increase of 8.97% in the aftermarket. However, the last trading session closed at $10.03 with an incline of 0.6%.
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Third Quarter 2021 results
SWBK announced third quarter 2021 results on 27th October 2021. The Company reported updates on its strategic growth plans. According to this, Bird has made significant progress toward its goal of replacing billions of gas-powered automobile journeys each year. Not only this but with over 350 cities throughout the world, the company has succeeded to grow its worldwide presence. Bird Bike, the company’s first retail e-bike, was launched to address demand in the $20 billion e-bike industry.
Moreover, Bird and Best Buy collaborated to make Bird’s new e-bike available across the United States on the retailer’s website. Apollo Investment Corporation and MidCap Financial Trust agreed to increase their current $40 million car financing credit facility to $150 million. Last but not least, increased demand and excellent economics underlie the Company’s fleet manager operating model, which resulted in a record first-half fiscal 2021 performance.
Upsizing of Vehicle Financing Credit Facility
On 14th October 2021, the company announced that that it has received commitments to increase its existing $40 million vehicle financing credit facility to $150 million from Apollo Investment Corporation and MidCap Financial Trust subject to the completion of the originally scheduled business combination with Switchback II Corporation. The company is glad to report that it met its stated goal of expanding auto financing capabilities by upgrading the credit facility. Apollo’s investment shows the company’s continued belief in the electric vehicle fleet’s excellent cash-generating potential, as seen by a multi-year track record of over 100 million rides. Lastly, SWBK feels that they are well-positioned to fund the expansion goals due to the improved cash provided by the upsized loan.
Cutting Edge Smart Sidewalk Protection
SWBK reported on 13th October 2021 that u-blox has launched the first-of-its-kind “smart sidewalk protection” technology – a sensor fusion solution – created and developed in conjunction with the company. Bird’s Smart Sidewalk Protection system is meant to prevent micro-mobility devices from being used on sidewalks and footpaths. As more cities attempt to incorporate shared micro-mobility into their climate action plans, technology that prohibits people from riding their bikes on the sidewalk is becoming more significant.
Moreover, Bird created the industry’s first durable, complete sensor fusion system with centimeter-level accuracy in partnership with u-blox. The integrated system quickly and effectively identifies and prohibits sidewalk and pathway riding in real-time. Last but not least, the testing led to a partnership with u-blox, which resulted in the establishment of an end-to-end sensor fusion system that fulfills all of the requirements.